Self-employed and rely on gigs for your income? We admire the hustle 💪 But we also know dry spells can mess up your finances. If you want to learn more about a cash advance for gig workers, you’re in the right place.
What Is A Cash Advance?
Cleo's cash advance allows users to access up to $250**.
Credit card companies, online lenders, payday lenders, and cash advance apps offer cash advances. They come with different terms and fees. As always, make sure you read the small print before committing.
A cash advance is an alternative to credit cards and loans. And it’s typically much faster. Still, some cash advances can come with high fees and interest, so it’s smart to shop around.
Why Gig Workers Struggle To Get Traditional Loans
Let’s say you want to borrow some cash. You turn to standard avenues, like banks, credit cards, and loan companies. Before they hand out any cash, these institutions carry out “affordability checks.”
These checks verify income, ensuring customers can pay back what they borrow. As a freelancer, your income can fluctuate. With these lenders, an irregular income can quickly equal a nope, even if you’re absolutely killin’ it most of the time 🙄
And that brings us to a smol rant.
Traditional lending companies haven’t adapted to the current working world. And that’s pretty shameful considering stats show that at least 36% of the US workforce did gig work in 2020. So that’s a lot of workers left without financial support if work’s a bit slower one month.
~Thanks, capitalism~ 🤡
And that’s not the only issue you might come across. Have you been a gig worker since you can remember? Perhaps you’ve never borrowed through official avenues, instead asking your BFFs to spot you here and there.
While this is great for avoiding interest and general lending f*ckery, it’s also an easy way to end up with no credit score 🙃
If you’re “credit invisible” or unscorable, lenders don’t know if they can trust you to repay the money. They may offer a small, high-interest loan or completely nope your application.
So that can be yet another barrier to traditional lending. Luckily, companies like Cleo are keeping up with modern work styles.
The Benefits of Cash Advances For Freelancers
A huge 44% of freelancers rely solely on gig work for their income.
We know money can be tight sometimes, and emergencies are always possible.
Thankfully Cleo’s cash advance is the best freelancer-friendly cash advance. Unlike some other apps, Cleo has:
- No minimum direct deposits
- No payslips
- No W-2 form
Some apps, like Cleo, offer same-day transfers with an added express fee, so you can deal with your unexpected bill ASAP. It’s a great way to stay out of your overdraft.
How Can I Get A Cash Advance?
Today’s your lucky day. Cleo offers an cash advance for gig workers. It’s interest-free and doesn’t need credit checks. Whether you’re an Uber driver, an Etsy seller, or anything in between, we’ve got you.
Let’s look at the process:
- Download the Cleo app
- Sign up for Cleo Plus in less than two minutes
- Type “cash advance” in chat and follow the prompts
- Pick the amount that’s right for you (up to $250**)
- Choose when you’re going to repay: 3-14 days is typical
- Decide when you want your funds (you can also choose the express fee to get your funds today)
With the average overdraft fee costing $26.61, you can quickly see the benefit of staying out of it and getting Cleo to spot you.
It also means you get to avoid the predatory payday loan industry with sky-high interest rates 🤡 There’s a reason they’re banned and restricted in many states. One study showed that 80% of payday loan borrowers rolled over their loans or reborrowed within 30 days. Sheesh.
That’s why it’s pretty smart to turn to a company that actually wants you to succeed financially. Cleo doesn’t charge any interest or late fees. She also allows flexibility in paying back your cash advance and doesn’t impact your credit score 🎉
And with Cleo Plus* you also get access to your credit score, personalized savings goals, and cashback at some of your fave stores.
How To Take Control Of Your Finances
While cash advances are helpful when you’re in a bind, they’re really a last resort. You may need a budget if you find yourself short a little too often. And Cleo can help you with that 👀 She provides personalized AI budgets, automated savings tools, and general financial tips to help you make the most of your cash.
Cleo’s also ready to show you exactly where your money is going. And she’s not afraid to roast you if you’re spending too much on takeout.
Building up a small emergency fund should be a priority. It’s way too easy to forget to put money aside every month, so Cleo’s autosave deals with that for you. That’s one less thing for you to remember 💅
*Cleo Plus is our subscription service, which offers eligible users cashback on your money, information on your credit score, and access to cash advances (“Cash Advance”). Advance amounts will vary based on eligibility. If you don’t want to subscribe, you can also apply for cash advance by contacting our customer service at firstname.lastname@example.org. To learn more about eligibility, repayment, and overall terms, please visit: meetcleo.com/terms
** Eligibility requirements apply. Not all users will qualify. Advance amounts range from $20 to $250. Same day transfers subject to express fees. Visit meetcleo.com/terms for more information.